Finmax is an online broker offering binary options trading alongside forex, CFDs, and cryptocurrencies. Since its launch in the mid-2010s, it has marketed itself as a platform focused on being accessible for beginners. The focus is on short-term speculation rather than longer-term trading and investing.
Like most brokers in the binary options sector, it operates from jurisdictions without strong trader protection rules, and this is important to take into consideration. If you are a retail trader more interested in CFDs, forex, and cryptocurrency than binary options, there are many other brokers you can pick that are supervised by stricter financial authorities.
Trading Platform Experience
Finmax uses a proprietary web-based trading platform designed to be user-friendly for beginners. It comes with clear contract options and expiry times that range from 30 seconds to several hours. While this layout appeals to novice traders, it lacks the advanced analytical tools and integration available on platforms such as MetaTrader 5 (MT5) and cTrader.
For binary options, execution is straightforward: traders choose an asset, pick an expiry time, and decide whether the price will be above or below a strike level at expiry.
Underlying Instruments for Binary Options
Finmax allows trading binary options across four main classes of underlying assets:
- Forex. Over two dozen forex pairs are available.
- Cryptocurrency. The selection includes cryptos such as Bitcoin, Ether (Ethereum), Litecoin, and Ripple.
- Stocks (equities). You can buy binary options based on roughly 30 different individual stocks.
- Stock indices. Roughly one dozen stock indices are available.
- Commodities. Examples of available commodities are gold, silver, copper, and natural gas.
Finmax has a larger and more varied assortment of underlying assets than what we see with many other binary options platforms.
Account Types and Account Tiers
This broker offers a tiered account structure multiple account levels, starting with a relatively low minimum deposit. Higher-tier accounts unlock features such as personal account managers, trading signals, faster withdrawals, and alleged “exclusive” trading opportunities.
Note: Terms and conditions are subject to change, so it is important to read the fine print pertaining to your specific account and situation.
- Bronze Level. Deposit $250. Max bonus size is 25%. You get access to basic educational content, economic calendar, basic account manager, and one fee-free withdrawal.
- Silver Level. Deposit $1,000. Max bonus size is 50%. You get everything from Bronze Level, plus sliver perks such as 1-month trading signals, free webinars, fast (48h) withdrawal processing, personal account manager, and certain “risk-free” trades.
- Gold Level. Deposit $2,500. Max bonus size is 75%. Trading returns are +2% extra return per trade. You get all Silver Level perks, plus unlimited trading signals, daily analytics, market analysis (both fundamental and technical), fast (24h) withdrawal processing, and educational videos.
- Platinum Level. Deposit $25,000. Max bonus size is 100%. Trading returns are +4% extra return per trade. All the Gold Level perks, plus fee-free withdrawals. Priority access to account manager.
- VIP Level. Deposit $100,000. Max bonus size is 100%. Trading returns are +6% extra return per trade. All the Platinum Level perks, 24/7access to account manager, two senior analysts, VIP webinars, and the fastest withdrawal processing (no withdrawal fees).
Bonuses and Promotions
Deposit bonuses are advertised, but as with many retail binary options brokers, these come with restrictive conditions that can tie withdrawals to unrealistic trading volume requirements. Make sure you read the fine print before you accept any bonus or other promotion. Terms and conditions can prevent traders from accessing their funds unless they trade excessively, creating a cycle of pressure to deposit and trade more.
As you can see above, exactly which bonuses and promotions you will get access to will largely depend on your account level.
Regulation and Reputation
Finmax’s reputation in trading communities is mixed. Some users highlight its user-friendly interface and asset variety, while others point to issues with withdrawals, aggressive marketing, opaque terms and conditions, and pressure to deposit more to upgrade accounts. The complex web of companies behind Finmax further damages trust (rightfully or not). The history and ownership details for Finmax are convoluted, and the broker has shifted from its original website to another address.
While Finmax has ties to human owners in the Ukraine, it is legally owned and operated by Max Capital Ltd, a company registered in Bulgaria. Bulgaria has been a member of the European Union since 2007. The registered office address for Max Capital Ltd is 14 Tsar Osvoboditel Blvd., Sofia 1000, Bulgaria.
There is also a connection to the company Max Capital Ltd registered in Vanuatu under the company number 41072. Vanuatu is a small island nation in the Pacific Ocean, and it is known for being lax when it comes to trader protection. The official registered address for Max Capital Ltd in Vanuatu is 2nd Floor, Transpacific Haus, Lini Highway, Port Vila, Vanuatu. The Vanuatu-registered company also has an office in Lithuania, at the address Lvovo g. 25, 09320 Vilnius, Lithuania. This address is associated with Maxcorp.eu, a company that offers assistance with registering and maintaining a company in Lithuania, so it is likely that it is just a “virtual office” for Max Capital without any real staff present.
The company Gatelinas UAB (Lithuania) is also linked to the Finmax network.
Additionally, Max Capital Ltd is listed in the Legal Entity Identifier (LEI) database with the address Hawk House, 22 Esplanade St. Helier, JE1 1BR Jersey (Channel Islands), so the network extends to Jersey as well.
It is also worth knowing that Finmax is tied to Morris Processing Ltd (UK) and this UK-registered company is a holding company for at least parts of the Finmax company sphere.
All in all, it looks very much like Finmax is operated through multiple companies in multiple locations, including several that are known as popular “offshore locations” for companies seeking lenient legal treatment. According to unverified investigative claims, the humans controlling the network are Olena Vakulenko (founder of Max Capital Limited in Vanuatu, and CEO of Softcast UAB in Lithuania) and her husband Oleksandr Vakulenko (a former senior Ukrainian police officer). Both have been accused of using their network for money laundering, and Oleksandr Vakulenko has also been accused of collaborating with Russian-backed forces in eastern Ukraine.
Financial Service Licenses
Finmax is not licensed as a financial service provider by any of the governmental financial authorities known to enforce strong trader protection rules.
In marketing, Finmax typically refers to begin licensed or regulated by the Vanuatu Financial Services Commission (VFSC) and the International Financial Market Relations Regulation Center (IFMRRC). The island nation of Vanuatu is known to not enforce strong trader protection rules. The International Financial Market Relations Regulation Center (IFMRRC) is an impressive name, but it is just a private self-regulatory organization based in Russia.
The VFSC license 41072 (as seen in Finmax marketing material) is simply a company number, and not a specific financial services provider license.
Customer Support
Customer support is accessible through email, live chat, and several phone numbers. While initial contact is usually easy, users report that more complex issues (especially those involving withdrawals) can be met with generic or evasive responses. Transparency about company ownership and legal accountability is limited, so it can be difficult to escalate issues when the customer support is evasive.
Finmax provides several phone numbers for customer support:
- United Kingdom: +44 (208) 089-25-75
- Cyprus: +357 (22) 008-852
- Bulgaria: +359 (2) 491-36-24
- Canada: +1 (437) 889-32-09
- Australia: +61 (285) 994-406
These numbers are typically available from 08:00 to 20:00 GMT+3.
You can reach Finmax’s support team via email at support@finmaxbo.com.
Alternatively, you can use the contact form available on their website.
Finmax offers a live chat feature on their website.
Why Are Traders Choosing Finmax?
Traders who chose Finmax are typically looking for short-term speculative contracts and are okay with using a broker that is not regulated by any of the stricter financial authorities. Many of the traders are retail traders looking for binary options. For traders who are more interested in CFDs, forex, and cryptocurrency, and do not need access to binary options, other brokers and platforms are available that are better and safer.
Finmax caters primarily to traders who enjoy the fast-paced nature of binary options. With expiry times as short as 30 seconds, the platform appeals to those who prefer rapid outcomes over slower, long-term trading strategies.
The proprietary platform is lightweight and straightforward, making it accessible to beginners who are experimenting with binary options for the first time. While it lacks advanced tools, its simplicity can be less intimidating than more advanced platforms. Beginners who want to test quick market predictions can find the platform’s simple interface appealing.
For some traders, being able to access both binary options and CFDs, forex and cryptocurrency on the same platform is a big plus.
Because Finmax has relatively low entry requirements, it appeals to individuals who want to try binary options with a small deposit. Many different transaction methods are accepted, including cryptocurrency transfers.